AUD/USD Mar.31–Aussie Up again against US Dollar

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The Australian Dollar was higher Wednesday against the US dollar, further setting a new high.
The Aussie was trading at 1.0327, up 0.35% at the time of this writing.
Is the Aussie reaching a top?
Here’s a quick update on technicals, fundamentals and community trends.

AUD/USD Technicals

  • Previous sessions: The Aussie traded in an uptrend for most of the session today, peaking at 1.0335 in the third quarter of the session and then consolidating to its current level.
  • From a technical point, the Aussie appears to be overbought and we can expect a correction on some negative news.
  • Current range: 1.0269 – 1.0337
  • Further levels: Below: 1.0315, 1.0318, 1.0322 Above: 1.0329, 1.0332, 1.0336
  • AUD / USD likely to find support at 1.0189, and resistance at today’s high of 1.0337.

AUD/USD Fundamentals

  • 08:30  US     Unemployment Claims    Exp. 379K Prev. 382K  
  • 09:45  US     Chicago PMI    Exp. 70.1 Prev. 71.2  
  • 10:00  US     Factory Orders m/m    Exp. 0.7% Prev. 3.1%  
  • 10:30  US     Natural Gas Storage    Exp. -2B Prev. -6B  
  • 12:45  US     FOMC Member Tarullo Speaks
  • 18:30  Australia     AIG Manufacturing Index     Prev. 51.1

* All times are GMT.

For the major events due later in the week, see the AUD/USD forecast.

AUD/USD Sentiment

  • The US releases payroll figures today, which were mostly as expected.
  • A tremendous amount of uncertainty still lies around the true extent of the Japanese tsunami and its local and global economic impacts. Furthermore, the ongoing nuclear crisis in Japan is also a cause of uncertainty and fear.

Currensee Community: 84% are short, 16% are long. 347 open positions in real accounts trading this pair at the moment. The community is expecting lower levels of the pair ahead.

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